At the Swiss national Bank is no exit from the crisis mode is. The SNB held on Thursday at negative interest rates of minus 0.75 percent and is willing, if necessary, on the foreign exchange market to intervene in order to prevent economy-damaging rise of the Swiss franc. “Against the Background of economic and political uncertainty, the risk of sharp and abrupt exchange-rate movements, there is also,” said SNB President Thomas Jordan at the quarterly assessment of the situation. “Such would change the monetary conditions. We assess the Situation on the foreign exchange market therefore remains fragile.“

Jordan highlighted the risks of protectionist tendencies, the “great damage potential”. The uncertainties were around the departure of Britain from the European Union, as well as the Italian budget dispute.

The Swiss monetary authorities are in a special situation: The Swiss franc is in demand as a “safe haven” in troubled times, and has won in the last few weeks. On Thursday, a Euro cost 1,1290 francs. A strong franc makes Swiss Goods abroad is expensive and weakens the export-oriented economy. The Central Bank is therefore interested in a possible weakening of the Swiss franc.

EUR/CHF — — (–) EZBDeutsche Bank Forex vwdXRATEBNP Paribas 1T 1W 3M 1J 3J 5J For detail view

this is Why the SNB is significantly less wide at the exit from the ultra-loose monetary policy than other Central banks. The Fed is likely to raise next week for the fourth Time this year, the interest. And with the ECB experts expect your bill ions heavy bond purchases by the end of the year expire and thus an important means the year-long crisis policy. With an increase in the interest rates in the Euro Zone, experts expect, however, until the end of 2019 or early 2020.

the inflation forecast of the SNB, as an indicator of an increase in interest rates, this now seems less necessary than the last: Currently, the Swiss Central Bank expects the Inflation to remain until the year 2021 under the threshold of two percent longer than in the case of the last interest rate meeting, expected in September. The SNB is aiming for a value below two percent.